Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), has announced significant changes to its operations, including a restructuring, layoffs, and a renewed focus on game development.
What’s Happening: According to reports, Yuga Labs will be undergoing a restructuring process that involves both layoffs and the acceptance of voluntary departures from its team. The company has revealed its intention to shift its focus towards game development, particularly for the 3D virtual world known as Otherside.
Strategic Decisions: As part of its restructuring efforts, Yuga Labs has made strategic decisions regarding its subsidiary projects. It plans to spin off HV-MTL and Legends of the Mara, two entities that were previously acquired by Faraway Games. This move signifies a shift in priorities for Yuga Labs towards its core gaming endeavors.
Impact on Bored Ape Yacht Club: The Bored Ape Yacht Club, one of the most prominent projects associated with Yuga Labs, has experienced significant fluctuations in its value. While it reached an all-time high of 153.7 ETH in May 2022, it has since experienced a decline of nearly 90%. These changes in Yuga Labs’ structure and focus may have implications for the future development and value of BAYC.
Yuga Labs’ decision to undergo restructuring, layoffs, and a pivot towards game development reflects the evolving landscape of the crypto and gaming industries. As the company navigates these changes, stakeholders will closely monitor its progress and the implications for its flagship projects like the Bored Ape Yacht Club.
